Fortnight payments with month budgeting

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  • Updated 9 years ago
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Hello,
I've got couple questions about the software:
1 - for example I haven't used the whole envelope allowance, what happens to the unused rest ? Is it added to the next period's amount ?
2 - How to handle fortnightly payment with monthly budgeting ? For example sometimes I pay my rent 3 times a month, sometimes - 2 times a months.

Thanks,
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vsilchenko

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Posted 9 years ago

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cmchien, Official Rep

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@vsilchenko, thanks for the question.

1. If you haven't used the whole envelope allowance, what happens to the balance depends on what you choose when you fill your envelopes using the Add Money screen on the website (or Add Money button in the app).

On the website, if you choose the Reset to Start Amount, only the difference between your budgeted amount and the amount remaining in your envelope is added. If you choose "Add Start Amount Back in" it will rollover the remaining balance.

In either case, on the website, you can save the actions on each envelope to a Remembered Refill.

(The app gives you a bit less flexibility re: funding--it will only let you reset all envelopes or refill all envelopes, or else set specific amounts to add to each envelope).

2. The real answer to this question probably has to do with how often you are paid. If you are paid on a different schedule than your budgeting period (i.e., paid fortnightly, but budgeting monthly), then you want to set up your envelopes based on your budgeting period. As you get a paycheck, deposit it into the envelopes and save a remembered refill. For example, your 1st paycheck of the month may follow one remembered refill, your 2nd paycheck another remembered refill, and a 3rd paycheck (if you get one) follows a third remembered refill. These refills should be set up so that they fund the envelopes that you want to spend out of in time based on the dates that your bills are due.

Hope this helps!
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vsilchenko

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Thanks for the quick answer !
I think I'll try Plus account.
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cmchien, Official Rep

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Thanks, we appreciate the support.

If you're using the Accounts feature in our Plus/Premium plans, here's a blog entry that describes our recommended way of receiving multiple paychecks a month:

http://blog.eebacanhelp.com/2010/09/h...